Lena Makarenko

Senior Associate

+7 727 355 0530

Lena Makarenko

Senior Associate
+7 727 355 0530



TURAR Business Centre
502 Seifullin Avenue,
Office 501
Almaty, 050012


55/16 Mangilik El Avenue
Block C 3.1, 3rd floor, Office Nos. 325-326
Nur-Sultan 010000

Map and directions

Lena Makarenko is a Senior Associate in the Almaty office. She focuses on subsoil (oil & gas and mining), energy, M&A and corporate, project finance and capital markets.


Energy & Natural Resources

  • INTERNATIONAL MINERAL RESOURCES II B.V. on the sale of 100% of issued and placed shares of KoZhaN JSC, an oil company, via open trades on the Kazakhstan Stock Exchange
  • A CONFIDENTIAL CLIENT on the legislative framework of a wind energy project in Kazakhstan financed under the new feed-in-tariff mechanism, which will set a new benchmark in terms of developing, building and operating a pioneer greenfield renewable project in Kazakhstan
  • A PRIVATE ELECTRICITY AND POWER CORPORATION on a wide range of matters related to the proposed acquisition of a stake in a thermal power plant resulting in a joint venture and the proposed refurbishment of the thermal power station in Kazakhstan
  • JSC NATIONAL COMPANY "ROSNEFT" on the transportation of Russian oil to China through Kazakhstan's main pipelines system, operated by JSC National Company KazTransOil*

Banking & Finance

  • JOINT LEAD MANAGERS AND DEALERS on the update of the USD 10.5 billion Global Medium Term Notes Programme established by National Company KazMunayGas and its finance subsidiary, KazMunaiGaz Finance Sub BV, and the issuance by JSC "National сompany "KazMunayGas" of the Notes thereunder for the amount of USD 2.75 billion
  • A CONSORTIUM OF BANKS, involved in the financing of Tengizchevroil (TCO), a JV between Chevron, ExxonMobil, KazMunaiGas and LukOil, which operates Tengiz, one of the largest oilfields in the world, on the USD 36.8 billion bank/bond financing required to undertake an expansion program (Future Growth Project-Wellhead Pressure Management Project)
  • EBRD and UNICREDIT BANK AUSTRIA AG on the USD 260 million financing facilities for Yildirim Group
  • SOCIETE GENERALE, NATIXIS and SBERBANK OF RUSSIA on a USD 280 million bridge loan facility to Nord Gold N.V., secured by guarantees of its Kazakhstan subsidiaries, for acquisition financing

* Experience prior to joining Kinstellar


  • 2005 – 2007: Adilet Higher Law School, Almaty, Kazakhstan, Bachelor of Law
  • 1998 – 2000: Moscow Institute of Commerce and Law, Russia, Bachelor of Economics
  • 1994 – 1998: Kazakh State University of International Relations and World Languages, Almaty, Kazakhstan, B.A.


English, Russian